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PDL BioPharma Provides $60 Million in Financing to LENSAR
Date:10/2/2013

INCLINE VILLAGE, Nev., Oct. 2, 2013 /PRNewswire/ -- PDL BioPharma, Inc. (PDL) (NASDAQ: PDLI) announced today that it closed a financing transaction with LENSAR, Inc., a leader in next-generation femtosecond laser technology for refractive cataract surgery, in which PDL will provide LENSAR with up to $60 million of debt financing, as part of an $87 million total financing for LENSAR.

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The LENSAR Laser System provides cataract surgeons with the power to execute accurate incisions with unprecedented precision and repeatability. It provides precise capsulotomy incision size, shape and location, thereby enhancing effective intraocular lens (IOL) lens positioning and fitting for each individual patient, leading to improved patient outcomes.  LENSAR is the only femtosecond laser on the market which uses a proprietary imaging, automated measurement, 3-D modeling, and treatment guidance system. The LENSAR Laser system is cleared by the FDA to perform both corneal and arcuate incisions, as well as lens fragmentation and anterior capsulotomy (with or without phacofragmentation), during cataract surgery.

The total financing of up to $60 million was provided pursuant to a credit agreement that included an initial $40 million in cash funded to LENSAR on October 1, 2013, and provides up to $20 million in additional funds to LENSAR by September 30, 2014, upon the accomplishment of a specified milestone. In exchange, PDL received a security interest in all of LENSAR's assets and will receive interest on the principal amount outstanding. 

Aisling Capital and additional LENSAR co-investors joined PDL in the transaction by making an additional $27 million equity investment in LENSAR, with a portion to b
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SOURCE PDL BioPharma, Inc.
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